Thursday, October 30, 2014

In the
past year, Congress has tried on three occasions to pass legislation that would
reduce the “XBRL burden” that some speculate is especially onerous for small
business. The “Promoting Job Creation and Reducing Small Business Burdens Act”
(H.R. 5405) includes language that would put the requirement to file XBRL on
hold for all filers that make less than $250 million dollars each year
(businesses that Congress considers to be “small”). This would effectively
eliminate the requirement for about sixty percent of U.S. filers, rendering
years of learning curve and the potential data set analysis useless as the data
would be vastly incomplete.